10+ EY Global Delivery Services ( EY GDS) Senior Consultant Interview Questions and Answers

Assumptions of OLS Regression and impact of violation on prediction and inference

• Assumptions include linearity, independence, homoscedasticity, and normality of errors

• Violation can lead to biased estimates, inefficient predictions, and incorrect inferences

• For example, violation of normality assumption can result in inaccurate confidence intervals

VAR, VECM, ARCH, and GARCH are different types of time series models used in econometrics to analyze and forecast data.

• VAR (Vector Autoregression) models multiple time series variables as a system of equations, capturing the relationships between variables.

• VECM (Vector Error Correction Model) is an extension of VAR that accounts for cointegration among variables, allowing for long-term relationships to be modeled.

• ARCH (Autoregressive Conditional Heteroskedasticity) models the...read more

Yes

• PTP stands for Procure-to-Pay, which is a process in internal audit.

• It involves the entire cycle of purchasing goods or services, from requisition to payment.

• The process typically includes steps like purchase requisition, purchase order, goods receipt, invoice verification, and payment.

• Internal auditors ensure that the PTP process is efficient, compliant with policies and procedures, and free from fraud or errors.

• They review documentation, perform testing, and provide reco...read more

Time series models are statistical models used to analyze and forecast time series data. Unit root test is used to determine stationarity of a time series.

• Time series models include ARIMA, SARIMA, and exponential smoothing.

• ARIMA model combines autoregressive, moving average, and differencing components.

• SARIMA model includes seasonal components in addition to ARIMA.

• Exponential smoothing models assign exponentially decreasing weights to past observations.

• Unit root test, such as...read more

Due diligence comprises of a thorough investigation and analysis of a company or business before making a decision or entering into a contract.

• Researching the company's financial statements, operations, and market position

• Assessing potential risks and liabilities

• Reviewing legal documents and contracts

• Conducting interviews with key stakeholders

• Verifying the accuracy of information provided by the company

• Identifying any red flags or areas of concern

• Ensuring compliance with regu...read more

Managing government clients requires understanding their unique needs, regulations, and communication styles.

• Build strong relationships with key stakeholders within the government agency

• Understand the specific regulations and compliance requirements that govern the client's operations

• Communicate clearly and effectively, using appropriate channels and language for government clients

• Be proactive in addressing any issues or concerns that may arise

• Stay informed about government p...read more

Control testing is the process of testing the effectiveness of controls in place to mitigate risks in an organization's IT environment.

• ITGc stands for Information Technology General Controls

• ITGc testing involves evaluating the design and operating effectiveness of controls related to IT infrastructure, security, and data integrity

• Examples of ITGc testing include reviewing access controls, testing backup and recovery procedures, and assessing system change management processes

Leading a team to implement a new software system for a large client within a tight deadline

• Coordinating with multiple stakeholders to gather requirements

• Managing a team of developers and ensuring timely delivery

• Troubleshooting technical issues and finding solutions

• Communicating progress and challenges to the client

• Adapting to changing requirements and timelines

• Example: Implementing a new CRM system for a Fortune 500 company

Recycler view is a flexible view for providing a limited window into a large data set.

• Recycler view is a UI component in Android used to efficiently display large sets of data

• It reuses the same view to display different items as the user scrolls, improving performance

• It uses a layout manager to organize the items in a grid, list, or staggered grid layout

Yes, I am familiar with various tools used in consulting such as Microsoft Excel, PowerPoint, and Tableau.

• Microsoft Excel for data analysis and modeling

• Microsoft PowerPoint for creating presentations

• Tableau for data visualization

Power BI supports various data upload modes including direct query, import, and live connection.

• Power BI supports DirectQuery mode where data is queried directly from the data source in real-time.

• Import mode allows users to import data into Power BI's internal data model for faster analysis.

• Live connection mode enables users to connect to a data source and view real-time data without importing it into Power BI.

Viewmodel is a design pattern that separates the data presentation logic from the business logic in an application.

• Viewmodel helps in maintaining separation of concerns in an application

• It is commonly used in MVVM (Model-View-ViewModel) architecture

• Viewmodel stores and manages the data for the view, and exposes methods for the view to interact with the data